BBC loses The Great British Bake Off

Los Angeles - The BBC has lost the rights to broadcast The Great British Bake Off.

Love Productions, who make the popular baking show, failed to reach an agreement with the public service broadcaster after over a year of negotiations.

In an email penned to all its staff, Love Productions said: "We are writing to let you all know that, with deep regret, after more than a year of exhaustive negotiations we have been unable to reach an agreement with the BBC for the renewal of The Great British Bake Off. We feel it is very important to let you all know as soon as possible because there has been a lot of inaccurate reporting in the media about the negotiations and we want you to be aware of the main facts.

''We are really saddened by this outcome because we always wanted to stay on the BBC. As recently as June we were convinced that was what would happen. This has never been about who might write the biggest cheque, but about where we can find the best home for Bake Off. Unfortunately we were unable to agree either a fair valuation, and nor were the BBC able to provide the necessary comfort for the future protection of such a distinctive and much-loved television series.''

And ITV is now the favourite to take over the broadcasting of the series, which has been aired on the BBC since 2010, The Telegraph newspaper reports.

In a statement, Love Productions added: ''After an extraordinary six-year journey with the BBC, Love Productions announces with regret that it has been unable to reach agreement on terms to renew the commission of The Great British Bake Off. We will now be focusing on finding a new partner to develop the familiar show that the British public turn to in their millions.''